Weekly Outlook on , Nifty, Banknifty and USDINR By Mr. Anuj Gupta, IIFL Securities
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Below is Weekly outlook on ,Nifty,Banknifty and USDINR Outlook by Mr. Anuj Gupta, Vice President, IIFL Securities
In equtiy market we have seen a sharp correction after the decision taken by the fed on increase interest rates. Last week Nifty corrected by 1.16% and closed at 17327 levels. Bank nifty corrected by 3.02% and closed at 39546 levels.
We have seen that all global indices corrected last week due to the hawkish statment and incresed interest rates by the feb last week.
FIIS were in net outflow and DIIs were in inflow last week. FIIS were net outlow was around 4361.77 cr however DIIS were at 1137.86 cr.
For the next week we are expecting as DIIs will support the market and we will see recovery in the market. Nifty has a strong support at 17200 and 17000 levels. Resistance at 17550 / 17800 levels. Bank nifty support at 38500 and 37000 levels and resistance at 40500 and 41300 levels. We are recommeding buy on support levels in nifty and banknifty
Rupee also hitted the life time low level at 81.23 levels. Strength in dollar putting pressure on ruppee. It may test 82 levels very soon. It may further depreciate on Fed hawkish statement.
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